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Date on which obligation to make pension contributions ceased delineated by primary and dominant words of trust deed
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The Court of Appeal dismisses appeal of judgment of €2,439,193.56 in respect of a Pension and Death Benefits Scheme against the employers under the scheme, finding that: 1) applying the principle of generalia specialibus non derogant, the operative date on which the employer’s obligation to make contributions to the scheme is to cease are dealt with in the more specific clause of the trust deed; and 2) that any inability to fund a shortfall in the scheme’s fund was not limited to the Minimal Funding Standard.
Pension and trustee law – contract law – appeal of judgment of €2,439,193.56 against defendants – Pension and Death Benefits Scheme – Definitive Deed Rules – whether liability was capped at the statutory Minimum Funding Standard – whether trial judge fell into error in his construction of the provisions of the Trust Deed – generalia specialibus non derogant – “matrix of fact” principle – parol evidence rule – contra proferentem rule – words of clause 18(1) prevail – appeal dismissed.
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